Regulatory News:
Quarterly financial information as of 31 March
20101
- Slight growth in traffic: +
0.8% in first quarter of 2010
- Consolidated revenue up by
6.2% to €646.2 million:
- Aviation (+ 5.1%): slight
recovery of traffic (+ 0.8%) and positive impact of fees
increase
- Good performance of Retail
and Services (+ 5.3%) thanks to the increased sales per passenger
in restricted area (+ 10.8% to €14)
- Growth of the Real Estate
segment due to acquisition of Continental Square: + 6.9%
- Ground-handling and related
services down - 1.8%
- Growth of Other Activities (+
19.4%) driven by acquisition of the Masternaut group by Hub
télécom
Mr. Pierre Graff, Chairman and Chief Executive Officer of
Aéroports de Paris (Paris:ADP) (Pink Sheets:AEOPF), said:
"Traffic slightly increased during the first quarter of 2010, in
an economic context that remains difficult. The Aéroports de Paris
revenue increased by 6.2%. Our recent acquisitions in real estate
and diversification activities have supported this positive trend.
Retail activities have also delivered very good performance
throughout the quarter, with sales per passenger up 10.8%, thanks
to a dynamic commercial policy."
Key events during the period:
growth in passenger traffic in the first three months of
2010
- Passenger traffic is up 0.8% (to
18.2 million passengers): it increased by 1.4% at Paris-Charles de
Gaulle (12.6 million passengers) and dropped 0.5% at Paris-Orly
(5.5 million passengers).
- The traffic mix improved, with
international traffic outside Europe (39.8% of the total) growing
more quickly than overall traffic (+ 2.5%). Traffic is down on
Latin American and North American routes (1.8% and 1.5%
respectively). It is stable in Asia/Pacific (+ 0.4%) and is rising
on routes to Africa (+ 2.8%), French overseas territories (+ 9.1%)
and the Middle East (+ 10.3%).
- European traffic excluding
France (39.4% of the total) increased by 0.9%.
- Domestic traffic (19.0% of the
total) fell 2.7%.
- Connecting traffic is down 1.6%,
bringing the connection rate to 25.1%, down 0.6 point.
- Aircraft movements are down by
5.7% to 166,683.
- Cargo traffic is up 12.4% to
509,840 tons.
Consolidated revenue on 31
March 2010
Good performance of consolidated revenue for the first three
months of 2010 (6.2% growth) at €646.2 million, thanks to the
dynamism of retail and services, as well as perimeter changes in
scope.
In millions of euros
31 March 2010 31 March
2009 2010 / 2009 Aviation 331.2
315.2 +5.1% Retail and Services 230.4 218.8 +5.3% Real
estate 57.2 53.5 +6.9% Ground-handling and related services 44.6
45.4 -1.8% Other activities 70.0 58.6 +19.4% Intersegment
eliminations -87.3 -83.1 +5.0%
Consolidated
revenue 646.
2 608.
5
+6.
2%
Revenue by business
segment2
Growth in Aviation (+ 5.1%) to €331.2 million
In millions of euros
31 March 2010 31 March
2009 2010 / 2009 Aviation
331.2 315.2 +5.1% Aeronautical
fees 176.5 171.0 +3.2% Ancillary fees 44.9 43.4 +3.5% Airport tax
98.0 89.7 +9.2% Other income 11.8 11.1 +6.2%
- Aeronautical fees3
were hit by the drop in the number of aircraft movements during the
period (- 5.7%). They were nonetheless supported by the slight
increase in passenger traffic (+ 0.8%) and the price increase
implemented under the Economic Regulation Agreement (+ 5.5% on
average on 1 April 2009).
- Income from ancillary
fees grew due to the €2.9 million rise in de-icing services
caused by cold winter conditions.
- The airport security tax
rate, which mainly finances security-related activities, was set at
€10.0 per departing passenger from 1 January 2010, compared to €9.5
in 2009. Its income was €98.0 million and includes €7.9 million of
accrued income.
- Other income consists
especially of invoicing to the French Air Navigation Services
Department (DSNA, Direction des Services de la Navigation
Aérienne), and leases linked to the use of terminals. Income from
the latter was up €2 million due to the transfer of certain leases
from the "Retail and Services" segment.
Strong growth in revenue of the retail and services segment
thanks to good performance of retail activities: + 5.3%
In millions of euros
31 March 2010 31 March
2009 2010 / 2009 Retail and Services
230.4 218.8 +5.3% Retail
91.6 84.1 +8.9% Fees 61.3 57.5 +6.5% SDA & DFP 47.1 41.5 +13.7%
Eliminations -16.8 -14.9 +12.6% Car parks and access 35.0 34.4
+1.8% Industrial services 25.1 26.7 -6.0% Rental revenue 23.3 26.0
-10.5% Other income 55.3 47.6 +16.3%
- Retail grew 8.9%:
- Fees from shops, bars,
restaurants, advertising, bank and foreign exchange and car rental
rose 6.5% to €61.3 million. On closer analysis, shops in restricted
areas posted a revenue increase of 11.3% buoyed by the strong rise
in sales per passenger. Revenue per passenger rose 10.8% to €14.0,
driven by recent commercial developments and a favourable traffic
mix (growth in the proportion of international routes generating
the highest spend).
- Revenue from joint ventures is
up 13.7% at €47.1 million4 driven by the performance of Société de
Distribution Aéroportuaire (€43.8 million revenue) and Duty Free
Paris, which began business at the end of January 2009.
- Car parks and access
revenue was buoyed by the increase in the average ticket per user
and traffic growth.
- The revenue from industrial
services (supply of electricity, heating and water) fell by
6.0% due to the drop in the purchase price of gas, on which these
services are indexed.
- Rental revenue (rentals
of premises in terminals) was affected by the transfer of certain
rentals to the Aviation segment, and by the decrease in rentals of
ticketing desks from airlines.
- Other revenue mainly
consisted of internal services.
Continued growth in the real estate segment: +6.9%, including
10.8% in external revenue
In millions of euros
31 March 2010 31 March
2009 2010 / 2009 Real estate
57.2 53.5 +6.9% Internal
revenue5 Produced with companies in the Group 12.4 13.1 -5.3%
External revenue 44.8 40.4 +10.8%
- Internal revenue fell by
5.3% to €12.4 million.
- External revenue was
boosted by the operating of Continental Square from November 2009,
and by the positive impact of recent contracts (extension of the
FedEx hub in particular). It was adversely affected by the crisis
(in particular cargo operators stopping their activity), and by the
indexation of contracts on the cost of construction index (- 0.9%
applied on most contracts on 1 January 2010).
Drop in revenue from ground-handling and related services: -
1.8%
In millions of euros
31 March 2010 31 March
2009 2010 / 2009 Ground-handling and related
services 44.6 45.4
-1.8% Ground-handling services 32.1 33.0 -2.6% Security 12.5
12.4 +0.4%
- Revenue from ground-handling
services fell by 2.6% to €32.1 million. New contracts
compensated for the loss of contracts. Nevertheless, the cessation
of activity of certain customer airlines in 2009 led to a loss of
income of €1.1 million in the first quarter of 2010.
- Revenue from security
activities was slightly up to €12.5 million (+ 0.4%) thanks to
new contracts won in 2009.
Strong growth in other activities (+ 19.4%) driven by the
acquisition of the Masternaut group by Hub télécom
In millions of euros
31 March 2010 31 March
2009 2010 / 2009 Other activities
70.0 58.6 +19.4% Hub télécom
36.7 24.1 +51.9% ADPI 29.0 30.0 -3.5% ADPM 2.9 2.4 +18.1% Aéroports
de Paris 1.4 2.0 -28.6%
- Hub télécom benefited
from a change in scope due to the acquisition in 2009 of the
Masternaut group, the European leader in tracking solutions. On a
like-for-like basis, the revenue of the Hub télécom group fell by
9.0% due notably to the termination of certain contracts and a
decrease in the revenue of the Hub télécom région subsidiary.
- ADPI revenue stabilized
in the first quarter of 2010 due to the maturity of the order book.
Since the start of the year, ADPI has signed 19 new contracts,
bringing total orders to €215 million6.
- Even though Aéroports de
Paris Management did not sign any new contracts in the first
quarter of 2010, its revenue increased by 18%, buoyed by the
dynamism of its existing contracts.
Outlook
In February 2010, Aéroports de Paris made the assumption that
traffic would grow by 0.5% in 2010. Considering the closure of the
Paris-Charles de Gaulle and Paris-Orly airports in April following
the eruption of the Eyjafj�ll volcano, which had an estimated
impact of 1.4 million passengers, and thanks to a more favourable
outlook than initially anticipated for the upcoming months,
Aéroports de Paris is now assuming that traffic in 2010 would be of
the same order of magnitude as traffic in 2009. On this basis,
Aéroports de Paris still anticipates a slight revenue growth in
2010 compared to 2009 and a 2010 EBITDA in the range of 2009
EBITDA.
There will be a conference call today at 9.00 am, CET
- Listen live:
- From France: + 33 1 72 00 15
24
- From abroad: + 44 203 367
9454
- Listen again from 12.00 pm, CET.
- From France: + 33 72 00 15
00, access code: 27 00 51 #
- From abroad: + 44 203 367 9460,
access code: 27 00 51 #
The presentation is available on the Group's website:
www.aeroportsdeparis.fr
Calendar
- Tuesday 31 August 2010:
half-year financial results 2010
- Wednesday 10 November 2010: Q3
2010 Revenue
Forward-looking statements
This press release contains forward-looking statements. These
forward-looking statements are based on data, assumptions and
estimates considered to be reasonable by Aéroports de Paris. They
notably include information about Aéroports de Paris’ financial
position, results of operations and business activities. These
data, assumptions and estimates are subject to risks (including
those described in the registration document filed with the
Autorité des Marchés Financiers on 22 March 2010 under no. D.
010-0135 and modified by the amendment filed with the Autorité des
Marchés Financiers on 29 March 2010 under no. D. 010-0135-R01) and
uncertainties, many of which are beyond the control of Aéroports de
Paris and cannot be forecast reliably. These may lead to actual
results differing substantially from those forecast or suggested in
these statements.
Aéroports de ParisRegistered office:
291, boulevard Raspail, 75014 ParisPublic limited company with
share capital of €296,881,806552 016 628 RCS Paris
Aéroports de Paris builds, develops and manages airports
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
With 83.0 million passengers handled in 2009, Aéroports de Paris is
Europe's second-largest airport group in terms of passenger traffic
and the European leader for freight and mail.
With an exceptional geographic location and a major catchment
area, the Group is pursuing its strategy of adapting and
modernizing its terminal facilities and upgrading quality of
services, and also intends to develop its retail and real estate
business. In 2009, Aéroports de Paris had revenue of €2,633,4
million, and a net income of €270 million.
1 This document has been drawn up under section IV of article
L.451-1-2, of the French Monetary and Financial Code. Unless
otherwise indicated, all percentages in this document compare data
for 2010 with the equivalent data from 2009
2 Before inter-segment eliminations
3 Passenger fee, landing fee (including lighting fee since 1
April 2009), and aircraft parking fee (including fuel fee since 1
April 2009)
4 Aéroports de Paris portion (50%)
5 Produced with companies in the Group
6 For contracts in dollar, the exchange rate used: 1€ = 1.40
$
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